This post tightly fits what I want to see in this community. Anti-corporate sentiment and “good news” for non corporate entities.

75 points
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Frankly, surprised it was only that much of a drop.

Earlier this week, Reddit disclosed in a corporate filing that CEO Steve Hoffman sold 500,000 shares, and Reddit COO Jennifer Wong also disclosed that she sold 514,000 shares.

No, not a pump and dump at all! Totally confident in our ability to execute our fiduciary duties!

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22 points

I bet they spelled his last name wrong on purpose

Fuck you spez

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6 points

Yeah i was wondering about that then i thought i may be wrong as i only say “fuck you spez” but i guess i’m not wrong.

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7 points

Spaz said his friends advised him to sell at least some, otherwise it would’ve drove him crazy.

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4 points

If you are not emitting shares to raise money there is very little upside to going public except for your owners to be able to sell their shares.

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2 points

Omg! I havent seen this! Its so ironic. These people get bolder and bolder. In case anyone wonders why this community exists! 😂

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4 points

Omg! I havent seen this!

It’s in the article you linked…

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1 point

I know. I obviously havent read it slowly enough to catch that. Thanks for pointing it out.

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26 points

Correct me if I’m wrong, but redditors who were given the option to buy before the IPO are still in a blackout period, right?

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5 points

I have no clue whatsoever, sorry. Someone else might know more but I‘m not sure if they will admit to buying reddit stock anyway. Might be easier to find an answer on reddit, as much as it pains me to say.

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12 points

Heh heh heh heh heh.

… eeeeeheheheheheh. Heh.

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11 points

Its entire business mode and potential to make profit one day l is 100% dependent on the endless free labour of power hungry, borderline sociopathic, scab mods who used the IPO protest to consolidate their influence and stab all the other mods in the back.

Unless reddit is banking on major AI breakthroughs to replace them, it was always a wild valuation.

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2 points

LOL love your description of Reddit mods–spot on.

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1 point

There was an IPO protest?

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3 points

Probably meant API changes, which was the final step of leading to the IPO, shut out all competing apps using the site

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7 points

Well, I was gonna short it 50% so I guess I woulda lost if I’d actually put my money where my mouth was. Que sera.

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Anti-Corporate Movement

!anticorporate@lemmy.giftedmc.com

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This community is the first one on lemmy of its kind. It sits between the idea of anarchism/anti-capitalism and left leaning economic policy.

Our goal is to make people aware of the dangers of corporate control, its influence on governments and people as well as the small but steady abrasion of empathy around the world indirectly caused by it.

Current topics this includes but is not limited to:

  • Meta’s entry into the fediverse
  • Game companies putting gambling mechanics in childrens games
  • Embracer groups buyout and closing of smaller game studios
  • IP trolls destroying small companies and keeping progress back for profit

Feel free to debate this but beware, corporate rhetoric is not welcome here. If you have arguments, bring them on. If its rhetoric trying to defend the evil actions of corporations, we will know and you will go.

Our declared goal so far is to have all companies and individuals worldwide capped at 999 mil USD in all assets, including ownership of other companies, sister companies and marital assets. The reason for this is that companies (and individuals) are not supposed to resemble small(?) countries with a single leader(-board) and shareholder primacy. Thats why we feel like they must be kept in check indefinitely.

But companies will just wander off The argument that large companies will just wander off is valid, which we embrace. We dont need microsoft, apple, google, amazon and other trillion dollar companies. There are small competitors being kept small and driven into brankruptcy by anti competitive behavior of these giants or simply bought up and closed. If starbucks left tomorrow, we would not have an issue with this.

But then we have x little microsofts that all belong to the same person(s) If in fact nobody was allowed to accumulate more than 999 mil in assets, they would not be able to own all these. And like defending agains burglary, it is not about complete defence but time and effort. You only have to keep the thief occupied long enough for them to be caught, give up or make a mistake.

But these giants have tons of IP which would then limit our growth Thats another topic we must touch on. We will (only this one time) take a page out of russias playbook and demand that IP of non complying companies (assets over 999 mil USD) will be declared invalid, which opens them up to be copied.

But then they will “live” in one country that doesnt accept this Correct, and they should be taken into custody the moment they enter the airspace of a country that supports this act.

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